In recent years, the idea of public companies holding Bitcoin as a treasury reserve has evolved from a fringe notion to a mainstream financial strategy. Once dismissed as too volatile or speculative for serious corporate balance sheets, Bitcoin is now embraced by major institutions worldwide. From software giants to mining operators and financial innovators, an increasing number of publicly traded firms are allocating capital to BTC as a hedge against inflation, a store of value, and a long-term growth asset.
According to data from BitcoinTreasuries.org, public companies collectively hold approximately 2.8% of Bitcoin’s total 21 million coin supply—marking a significant shift in institutional adoption. Below are the top 10 publicly listed companies with the largest Bitcoin holdings as of early 2025.
1. MicroStrategy
MicroStrategy—now rebranded as Strategy—has become synonymous with corporate Bitcoin investment. Originally a business intelligence software provider, the company has fully pivoted into a Bitcoin-focused treasury strategy under the leadership of Executive Chairman Michael Saylor.
As of January 2025, MicroStrategy holds 461,000 BTC, valued at over **$48 billion**, representing more than 2% of all Bitcoins ever mined. The company began its aggressive accumulation in August and September 2020, purchasing $425 million worth of BTC—a move that opened the floodgates for other corporations to follow.
Saylor has famously stated he would buy $1,000 worth of Bitcoin every second if possible. During the company’s Q1 2024 earnings call, he argued that their "Bitcoin strategy" has outperformed traditional enterprise software peers by 10x to 30x in shareholder returns.
Notably, Saylor himself owns 17,732 BTC, valued at over $1.85 billion as of late 2024—an ironic turnaround for someone who once believed Bitcoin had limited longevity back in 2013.
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MicroStrategy continues to raise capital—reportedly targeting $42 billion—to acquire more Bitcoin. While shareholder proposals to adopt similar strategies at companies like Microsoft were rejected, Saylor remains a vocal advocate for Bitcoin adoption across corporate treasuries.
2. Marathon Digital Holdings Inc.
As a leading Bitcoin mining firm, Marathon Digital naturally ranks among the top corporate holders. As of December 2024, it holds 44,394 BTC, worth over $4.6 billion.
The company aims to build one of North America’s largest and most energy-efficient mining operations. Originally a patent-holding entity, Marathon transitioned into crypto mining and now operates over 250,000 miners, achieving an average hash rate of 26.3 EH/s out of a peak capacity of 31.5 EH/s.
In response to the 2024 Bitcoin halving—which cut block rewards in half—Marathon accelerated its expansion plans. It raised nearly $2 billion through convertible notes, primarily used to purchase additional BTC and scale infrastructure.
Revenue surged 35% in Q3 2024 to $132 million, up from $98 million in Q2, reflecting strong operational performance despite post-halving challenges.
3. Riot Platforms, Inc.
Riot Platforms, headquartered in the U.S., holds 17,722 BTC, valued at around **$1.85 billion**. Listed on Nasdaq, the company saw its valuation skyrocket from under $200 million in 2020 to over $6 billion at its peak in 2021.
In April 2021, Riot invested $650 million to build a 1-gigawatt mining facility in Texas, later expanding operations and rebranding in 2023 to reflect broader business diversification.
While the company warned shareholders that profitability post-halving isn’t guaranteed, its stock rebounded strongly after November’s U.S. presidential election, mirroring broader crypto market optimism.
Riot also settled a legal dispute with Bitfarms after attempting a hostile takeover in 2024—highlighting growing competition in the mining sector.
4. Galaxy Digital Holdings
Founded by crypto advocate Michael Novogratz in January 2018, Galaxy Digital is a financial services firm focused on digital assets. As of November 2024, it holds approximately 11,242 BTC, valued at $1.18 billion.
Galaxy provides asset management and infrastructure solutions for institutional clients seeking exposure to Bitcoin and Ethereum. It is one of the key players managing U.S.-based spot Bitcoin ETFs, following SEC approval in January 2024—a landmark moment for crypto regulation.
Novogratz predicted in March 2024 that Bitcoin would never fall below $50,000 again and later forecast a year-end price of $100,000. He called Donald Trump’s election win “the most important day for crypto,” citing potential pro-innovation policies.
5. Hut 8 Corp
Canadian miner Hut 8 holds 10,096 BTC, worth over $1 billion as of December 2024. Listed on Nasdaq under ticker HUT, the company emphasizes increasing shareholder value through BTC accumulation.
It generates fiat income by leveraging its self-mined Bitcoin reserves via yield-bearing accounts with top-tier digital asset brokers. In November 2023, Hut 8 merged with US Bitcoin Corp., forming an “energy infrastructure company” focused on mining and data centers across Alberta, Texas, and New York.
With an installed mining capacity of 7.5 EH/s, Hut 8 also announced a $150 million investment in AI computing in June 2024. Its market cap surpassed $2 billion following post-election market gains.
6. Tesla
Tesla entered the Bitcoin scene in December 2020, disclosing a $1.5 billion investment in BTC through an SEC filing. In Q1 2021, it sold 10% of its holdings to “prove liquidity,” according to CEO Elon Musk.
Musk initially supported Bitcoin payments but reversed course two months later due to environmental concerns over fossil fuel usage in mining. He stated Tesla would resume transactions once miners used 50% clean energy.
By Q2 2022, Tesla had sold about 75% of its BTC holdings—recording $936 million in digital asset sales—to strengthen its balance sheet during pandemic-related uncertainties.
As of January 2025, Tesla retains 9,720 BTC, worth just over $1 billion. Musk has indicated openness to increasing holdings in the future.
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Tesla also accepts Dogecoin for select merchandise—a nod to Musk’s well-known support for meme coins.
7. Coinbase Global, Inc.
Coinbase, the Nasdaq-listed crypto exchange that went public via direct listing in April 2021, holds 9,363 BTC, valued at $980 million as of Q3 2024.
It first revealed $230 million in Bitcoin holdings in February 2021. Since then, it has continued innovating—launching cbBTC, its wrapped Bitcoin product, and restarting Bitcoin lending services.
Post-election market momentum pushed Coinbase shares toward all-time highs in late 2024.
8. CleanSpark
U.S.-based miner CleanSpark holds 9,297 BTC (~$975 million). Before the halving, it acquired three Mississippi mining facilities for $19.8 million, boosting capacity by 2.4 EH/s. An additional Georgia site added another 0.8 EH/s.
In May 2024, it mined 417 BTC, outperforming industry expectations post-halving. It plans further expansion into Wyoming.
Its market cap exceeded $3 billion after its stock nearly doubled post-election.
9. Block, Inc.
Block (formerly Square) invested **$50 million** in Bitcoin back in October 2020—helping ignite institutional interest. As of September 2024, it holds **8,363 BTC** (~$876 million).
CEO Jack Dorsey is a vocal Bitcoin supporter—he runs a personal node and calls the whitepaper “poetry.”
Block reinvests 10% of profits from Bitcoin-related services back into BTC via dollar-cost averaging (DCA). Its Cash App now allows businesses to automatically convert sales into Bitcoin.
10. Bitcoin Group SE
Rounding out the list is Germany-based venture firm Bitcoin Group SE with 3,678 BTC (~$385 million). It owns exchanges like Bitcoin.de and co-founded Futurum Bank—the “first German crypto bank” after regulatory changes allowed banks to offer crypto services.
CEO Marco Bodewein highlights opportunities in introducing institutional investors to crypto’s high-return potential and security features.
Germany’s government recently sold most of its seized BTC—adding context to national crypto sentiment.
Frequently Asked Questions (FAQ)
Q: Why do companies buy Bitcoin?
A: Companies view Bitcoin as a long-term store of value and hedge against inflation—similar to gold—but with higher scarcity and portability.
Q: Is holding Bitcoin risky for corporations?
A: Yes—Bitcoin is volatile. However, many executives believe its long-term appreciation potential outweighs short-term fluctuations.
Q: Can any public company buy Bitcoin?
A: Legally yes—but board approval and shareholder alignment are crucial. Regulatory scrutiny varies by jurisdiction.
Q: How does mining differ from direct purchase?
A: Miners earn BTC through computational work; others buy it directly. Miners benefit from lower acquisition costs but face operational risks.
Q: Will more companies adopt Bitcoin treasuries?
A: Likely—especially as adoption grows and regulatory clarity improves globally.
Q: What happens if a company sells its Bitcoin?
A: It impacts earnings reports and can influence market sentiment—like Tesla’s partial sale in 2022.
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The trend of public companies holding Bitcoin is no longer experimental—it's becoming standard practice among forward-thinking firms. With pioneers like MicroStrategy leading the charge and financial giants like Galaxy Digital expanding access through regulated products, institutional demand shows no signs of slowing down in 2025.